Metro home sales show slight improvement
The Twin Cities real estate market continued to show some mixed signs of improvement in August.
Homes spent fewer days on the market in August, and the percent of the original list price received at sale was higher than a year ago.
Homes priced at fire-sale prices continue to sell well. Sales of homes in upper price brackets, however, remain sluggish.
The median home price in August was $175,000 -- higher than July, but still about $25,000 lower than last year.
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Augsburg College economist Jeanne Boeh says the lower prices will continue to crimp the market.
"The fact that they're still down year over year is still going to cause people to hesitate to put their homes on the market," she said.
Boeh says that means the market will be dominated by people who must sell their homes, often at reduced prices.
Experts say the federal tax credit for first-time homebuyers is driving many sales in the lower price ranges of the market.
The numbers are based on data from the Regional Multiple Listing Service.